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Rate hike not impacted gold price
Highlights
In the aftermath of Fed rate hike, global bullion market has witnessed the dilemma to be or not to be as in most of the counters the business was almost as usual.
In the aftermath of Fed rate hike, global bullion market has witnessed the dilemma to be or not to be as in most of the counters the business was almost as usual.
Big market players are yet to decide whether or not to opt for the alternate preferences after the upward revision of the Fed rates. Small investors, on the other hand, seem to be not so much bothered about the resultant small changes in the yellow metal prices since the big policy decision by the Fed Reserve. The impact of this decision on developing economies including India has been minimal so far.
Indian markets, standard gold (24 carats) has appreciated by Rs 100 (per 10 gms) while Silver (0.999) appreciated by Rs 400 (per kg) during the week in the local markets. Standard gold moved in a narrow margin throughout the week before closing at Rs 25,580 (per 10 gms).
Ornamental gold too moved in tandem and was quoted in the range of Rs 24,970-25,070 on the closing day. Silver also appreciated by Rs 400 (per kg) and closed at Rs 34,300 (per kg). The sentiment has been from moderate to weak as the festivals and marriage seasons have bade good-bye for now and the big players are in no mood to stake higher investments.
Commodities:
Local markets revealed a moderate to strong sentiment in day to day commodities such as staple food grains, spices and other Kirana items. While rice (fine), wheat (sona masoori), tamarind, coriander and ginger remained unchanged at their respective closing levels of the last week, sugar, turmeric and chilies closed at marginally lower levels. The outlook for the next week in commodity market is moderate to strong sentiment as was the case in the last week.
Perishables:
Common vegetables like potatoes, tomatoes, donda and leafy vegetables continued to rule firm despite the current winter season of late showing a semblance of cold, particularly during mornings and nights. The day’s temperature hovering around 31-34 degree Celsius, the production of vegetables has been hit adversely as could be seen from the lower arrivals of vegetables in the city markets. On the other hand, with the mercuring dipping to below zero degree Celsius in North, the NECC prices have sky-rocketed.
Dr HC Upadhyay
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